From April 2020 all UK residents must report disposals of UK
residential properties to HM Revenue and Customs and also make a payment on
account for the CGT due, within 30 days of completion.

The changes do not apply where the gain made is not
chargeable to CGT such as where the property has been the individuals only/main
residence for the entire period of ownership and therefore covered by the
principle private residence relief. The rules also only apply to
residential property currently.

The new rules being brought in are therefore going to mainly
affect UK residents with second homes or landlords looking to sell their
residential property lets.

Within 30 days of completion UK residents must

Calculate the gain made on the property (using estimates if necessary)

Report the gain to HM Revenue and Customs

Make a payment of CGT to HMRC

These new rules along with the changes to lettings relief
and reduction of the final period of principle private residence relief all
coincide with each other meaning that a disposal of UK residential properties
could mean a higher tax bill from April 2020.

If you are thinking of selling a chargeable property you may
wish to consider accelerating the sale to give additional time to pay the CGT.

Any CGT payable on a property that is sold on or before 5
April 2020 will be due for payment no later than 31 January 2021 however, where
a property is sold on or after 6 April 2020 any CGT payable will be due no
later than 30 days after completion.

If you have any queries or you wish to discuss this further, please do not hesitate to contact Nicola Wignall via email at nicola.wignall@mooreandsmalley.co.uk